tv MONEY With Melissa Francis FOX Business January 10, 2014 5:00pm-6:01pm EST
earnings. jpmorgan will kick off with results before the bill on tuesday followed by bankamerica, goldman sacks, a group and morgan stanley. keep it right here. melissa: ever wonder what you are eating? the backlash is growing and demanding full transparency they say it is time faugh the fda stopped protecting the biotech industry and starts looking out for our needs. what will that cost to? even if they say it's not, it's always about money. melissa: protester is gathering outside the fda to night as the activists call on the agency to require all genetically modified foods to be labeled.
let's go straight to one protester outside the fbi. they say these foods are safe. why are you worried? >> we don't think they are one of the present safe bet they are allowed to use pesticides such as roundup weed killer if that is your main goal than people at least have the right to know that is what the food is made out of. melissa: i don't get the connection genetically modified food did make them more resistant to insects or drought. what is the connection to roundup? >> the main commercial trade is resistant to chemicals and weed killer. is called roundup ready soy or corn that is the of item that land -- monsanto is making. not insects.
there also putting toxins in korn when the insect tries to eat the corn the insect will die but then we each have. should we know it was developed in the lab before you feed that to your kids? 1 million people have already asked the fda to do this. melissa: 90% of the corn is genetically modified. so it seems like if i was dangerous when we already see the facts? >> more than half of that corn is fed to animals. we know intestinal disorders in animals are on the rise. there are food allergies on the rise. why is the biotech industry industry, the question should be where they resisting transparency in the marketplace? do they have something to hide? if you don't label it you cannot track get. they's a 3 trillion meals served. but we don't know that because there was never a
label on any of that food. we ought least -- and least ought to track it to give consumers the right to choose. there has been a false acceptance of this technology forced upon us by politicians. it should be helped in the open the consumer should have a final say what goes into our bodies. melissa: people say it is not labeled but because it would cost so much or the average person $450 per year. money is tight. i don't know that is the number one thing people want to spend their money on. how do you respond? >> thaa is the biotech study. i don't trust that in the think it will cost $0.1 more they changed labels on a regular basis. they know where they buy their ingredients. this is no different than
having to disclose a few of artificial ingredients or if your product contains trans fat. we already require that this is an easy adjustment to. melissa: is that the end of the line or are you looking to get rid of these? >> i think the label will create fairness in the marketplace then at that point the idea of producers will have a good argument you cannot base and us because we are transparent so i think it is in their interest just like the consumer to be transparent what you are selling as. the grocery manufacturers association wants voluntary labels. that is another real label. it has to be mandatory. melissa: this seems it is 80% to process than 93 percent of soybeans genetically modified modified, 90 percent of corn is already of their.
how would labeling almost every product on the shelf would make a difference? >> it would be transparency in the marketplace. ultimately of consumers have no problem they will buy the food with the idea of label isn't this is about being transparent. if the company's right now they look like they have something to hide. right now is making people skeptical. if they would label their foot food there may be more faith in biotech in the end. melissa: the fbi says they have studied it with no negative impact on the health of humans. how would you fight back against that? >> i don't think they really study they are not tracking and with the food supply. they're only relying on industry studies for all of the support for the safety of these foods. they're all terry pact.
there are more studies being done right now there's one in france, a serious study of gm of foods fed to animals. we will be getting more science and whether it is safe for not you have the right to know what you were eating. melissa: absolutely. i know you are out protesting right now are there a lot of people their? are you getting attention? i don't know how much attention you're getting. >> i will be the first to commit it is the worst weather for protesting but on the other side there is more than a couple dozen people and they have a projection of the labels on to the side of the building. your camera is out of camera range maybe later in the show. melissa: thank you for coming on. >> label gm of food.
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melissa: it sounds pretty of believable with facial recognition system so advanced not even your twinned can break into your for major. it is being hailedtaxable makine passwords obsolete hands here to explain the new innovation and ceo of thank you for joining us. this is cool because i cannot remember all my passwords you have to change them all the time looking at
facial recognition. >> so right now i will skean the queue are covered if it will be authenticated i say yes fat will acquire my biometrics then it it will go to the network of my phone. >> there is. i went there without having to use my a user name or password i just use my biometric information. melissa: why doesn't that work for your twins? >> identical twins even have a different irs.
>> but it was not that close it saw that and everything? >> it sees everything. >> would affect a picture of your face? in mecca i can't give you that demonstration. the answer is no because we have technology built into the system that we call life is detection and that is a havee to verify as i am ali selected the phone up against the device you will see it keeps verifying and it says that is not a person nothing happens summit will cease. but if i take my samsung phone that is on the android with gold and put it in
front of my picture it will unlock. melissa: you are showing that the picture did not of what it is something a hacker would do. the apple software was hacked into after today's? why was that? >> google's spent a lot of money on and facial recognition but apple has a good product but did did not vote this summer and lifeness detection and. that is the key. in the financial-services industry like the atm imagine yourself to get money without your atm card the and to scan your biometrics and outcomes of
money we are implementing that with the major u.s. bank right now. melissa: are your target customers financial? is that we were starting? >> financial-services industry is the main anchor. melissa: nobody else is doing it to this degree? why are you the only one doing it? are you from m.i.t.? >> i am from harvard. [laughter] >> but we have focused on lifeness detection but if you have the up biometric of the device at some point all the solutions of their are verified becauue you could have man in the middle attacked. we have designed a complete architecture that does not allow the biometric to ever meet the phone. melissa: available right now ? >> in the next 45 days. melissa: for free?
how do you make money? >> the corporations pay as. we will give it to the consumer for free. the jobless rate at its lowest point since october 2008. but what is beyond that? you will see the ugly truth. we are talking to former mcdonald's sea of white people are giving up on finding work than dropping out of the force completely. america's young people are not feeling too good about the future are under happier than they have ever been before. more money coming up. [ me announcer ] this is the story of the dusty basement at 06 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall f roble avenue. ♪ this magic momt it is the story of where every great idea begins. and of those o believed they had the power to do more.
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>> taking aim a pull from the chief economist we don't make up numbers. ever. you can get some bad apples people who are inclined to influence. i have political appointees asked me about numbers but i stood my ground. melissa: very interesting. talking about the unemployment numbers back in november i got so many e-mail's about that. how do we know there are no bad apples today? peter is back with us. let's talk about the 6.7 percent unemployment number. what do you think about that? that is people calling from home. you seem to be suspicious. how you feel about? >> the way they get that number is more than half a million people was the low was adult participation rate we have seen in so many years.
people have given up looking for a job parties sympathetic to the administration and would you cook 74,000 job gains for the month? absolutely not. look at the numbers i can see if you wanted to play with the numbers to look better so these are not cooked. melissa: what were you talking about last time specifically? what were they telling you to do or to change? we got such a huge response. >> we do focus studies on subjects sometimes political appointees don't like what they see. they would try to raise questions are put you on the defensive and get you to doubt what you came up with. it is a matter to explain what you we're doing and say i will not bend. melissa: that they influence
the survey to say what kind of response rate you have to get and how many times you have to call or pursue a certain household. do you think the way the rules are changed influences the outcome? >> they try to make sure they have a complete sample putting pressure to come up with that. i did not encounter that problem. i was involved with different kinds of surveys. but that creates a problem if there is not enough resources to ensure an adequate sample that putting this kind of pressure, it is just not that hard. of course, you will be caught in the end when they audit you. melissa: another question the record number of people sitting on the sidelines no vulgar in the workforce. those who are supportive of the president say this represents more people retiring.
more baby boomers out there retiring and that is what it is all about. it is about people you know, entering their golden years. what do you think about that? >> the data past the age of 65 the participation rate has gone up because of recent years and interstates in particular old people don't pay any interest. but then to go back into the labor market working 10 or 20 hours per week at the grocery store to supplement their retirement. that isn't the problem. the real problem is with recent college graduates that borrow money to get a useless degree. my by faye and i are not yet in the golden years but the lower earning income of the two may lose their job and
then because the new job does not pay very weld. melissa: why were it economists so far off? people but we would see 200,000 jobs added it was a measly 74,000. >> weaker at 4.1%. a real number. we want to believe that will continue. maybe not that high but so much of that was inventory build. i also think this number is too low and will be revised up not to under 10,000 to maybe 140 or 150. it is a sample taken on the week of the 12th and it is always revise. melissa: peter, thank you for cutting through the nonsense. take care. joining me with his reaction former ceo of mcdonald's
usa, the you have particular expertise of our the jobs and what we saw the average hours worked with into lower in this is just a lot more part-time work. is that your interpretation? >> no question. we are becoming a society of part-time workers. i love with the professor had to say. one of the things my life is about is meeting america at the front counter every day talking to people about conditions, life, they tell me over and over and over how difficult it is because some of the household has lost their job, they take part-time jobs where they are reduced and hospitality in general are low-paying jobs to begin wes then there
is a situation where you are underutilized. there is no growth in the economy. we use a monetary policy that should be the industrial revolution. to get rid of bureaucracy. it is impossible to get through of brass and detail. this government is an obstacle to success. melissa: people would say the solution is for people like you to pay more to each of those workers so they could buy more stuff. is that the solution? >> not all. those part-time minimum wage jobs are entry level jobs. they're not careers. they should not be 47 old men and women who lost their jobs in the factory making $65 an hour. it is totally upside-down
equation. if we did pay $100 an hour to the everybody a loaf of bread would cause $72. it is inflationary. even the economist said that all -- understand that. the government is trying to redistribute wealth they understand the dynamics of free enterprise and putting a penalty on society. i looked at these young college kids working as waitresses and bartenders and busboys with minimum wage because they cannot get jobs in their industry. they are useless degrees. melissa: why aren't we creating more jobs for those who are starting at mcdonald's then moving on somewhere else? >> people to work at mcdonald's, a 65% of that management came out the 65%
our senior management. they have a great upward progression but can only absorb so many people. society can absorb only so many if there is not new job creation where will they go? that is our biggest problem today. we have never seen a time the local government was such as the impediment to small business. nobody in their right mind would start a business today. melissa: absolutely right. thank you for sharing. >> target. find our new role -- rose from the president could be the end of snack centers everywhere. this chief executive lost one-quarter of his wealth last year. but it looks like he is getting it back. coming up. . return on investment isn't the only rern i'm looking foard to. and my parachute definitely isn't golden.
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of the obamacare mandate requires calorie counts on vending machines. just in case you thought that midafternoon snack was good for you. the regulation applies to roughly 5 million vending machines nationwide and my guest on over 1600 machines in the area. i am putting you don't like this. >> it is terrible because it will cost me money and grief and headaches. melissa: why does it cost money? can use slap a posted that the three shows are 500 calories? why does it cause so much money? >> it has to have the electronic readout with the nutritional value every
beverage or snack it is about $600 per machine to retrofit. melissa: i am very interested in this business i am always looking to make the box. i may compete with you. what does it cost per machine? >> please read 4,505,000 per machine and the dollar bill except your it is complete yclept. melissa: but you really will pay that you will just raise the price so what do you care? >> now because instead of going to the convenience you go to the lobby or go to the candy store. they don't have to have the calorie count. melissa: i do enjoy it when i go into mcdonald's it is surprising the worst thing
you could have at dunkin donuts is that bran muffin. you thank you were good is the most fascinating thing. i don't buy less i just buy something different. >> that is why i think manufacturers should put it on their labels. melissa: you cannot see it in the vending machine. >> is prominent. the three or four most important items. 50 calories. or whichever one you want. melissa: does not change your business that would cost their money they would raise their prices. >> they would probably put less in the package now you would have one chip. melissa: but on the front they say that would cost money and pass it on to you and to me it is the same in the end. >> it cost them less they package anyway.
they just decide that bag what is the difference? that may hurt them to sell their product because it is in the back. melissa: i you doing anything to actively fight this? >> i don't know what i can do we just try to find an angle to comply. whether static cling on the inside of the machine or a new piece of equipment. melissa: posted on the outside. some only make $30? >> in a week. melissa: then why have it? >> they may have a great spot but did you did have a terrible spot downstairs you still have to have that there because that is part of the deal to get the better wind. what do you do? >> this is very insightful.
would reserve margin? >> sometimes it is very good melissa: you are a good sport. think you for coming on. for the got a and miserable for the index says america's key use woes have skyrocketed under obama since he took office. making it the highest increase under any president with me now is george attacked undergrad and we also have a 25 year-old political officer. thanks for joining us. do you feel more miserable? >> absolutely not. at the end of the day i think technology is moving at a pace it has never moved before. lahood the opportunities are
endless the jobs available to be probably don't exist that is exciting as there is student debt and a lot of underemployment that is sorry some but i really don't think it is not something that we can fix. melissa: id started to look for a job yet? the your so optimistic because you are still in school and you don't understand that youth unemployment is 16.3%. have restarted? >> absolutely. i had a few internships and i have a job and i consider myself very lucky. and i really think the key to understand it is starting earlier and earlier especially financial-services. if you have internships by your sophomore year you need to get on the ball. melissa: are you miserable? >> i am. [laughter]
i don't feel the positive of that he feels. i feel the failure of republican leadership under bush now we're under democratic leadership with 1620 percent unemployment, $30,000 of student loan debt powdery come out of this? now we have obamacare on our backs. i just don't see how you can look at the future and say compared to 10 or five years ago we have a better future that obama promised. melissa: using both parties are terrible and everybody has let you down? >> everybody. i republican but i put blame where it belongs and i think they are just as much to blame is democrats. us young people can agree everybody in washington d.c. has led us down. we are sick of it with no
hope left. melissa: what advice would you give to him? >> i think i would have to agree washington has definitely let us down. but after a point you have to take it into your own hands brian now washington has led me down there is definitely a lot of hurdles ahead of me but this is america. this is what we do. we get over hurdles in this is what will continue to make this country great. is a matter to say if the government has led us down we will take into our audience. melissa: that is true that government has let me down my entire life. i am still here. could block. time for your college graduates to enter the workforce but she thinks she will make a living on the beauty pageant circuit? now that they're all grown up is a time to start
fleshing the pipe dream? day you need to give your kids a reality check? at the end of the day you must tell the and it is all about money. than the research this man has at his disposal is how he puts it to work for his clients. morning. morning. thanks for meeting so early. co on in. [ male annncer ] it's how edward jones makes sense of investing. i worked a patrol unit for 17 years in the city ofaltimore. when i first started experiencing the pain, it's, it's hard to describe because you have a numbness... but yet you have the pain like thousands of needles sticking in your foot. it was progressively getting worse, and at that point i knew i had to do something. when i went back to my healthcare professional... that's when she suggested the lyrica. once i started taking the lyrica, the pain started subsiding. [ male announcer ] it's known that diabetes damages rves.
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off. melissa: you have to encourage your kids would never and support them. i would not discourage them. >> pursue what they want to pursue guide them and hope we you can help them along the way. >> what did you want to be when you grow up? of the question we all got when we were kids but what if your child responds with a dream? do you crashed a dream or let them follow their passion? during debate we have it covered this with the mother of two and a baby on the way
and we also have of the psychology behind this and denis kneale who has a very strong opinion on absolutely everything. [laughter] that is what i love about dennis. what do you think? your kid comes and that they want to do something i want to be a rap star and i looked at my battle bonterre blue eyes and i think no. >> i have a 10 year-old son who was to be a professional baseball player. he is excellent but that is not the point. this is his passion but there are 1 million kids better 10 years old that are great. so i try to talk to him about things that are great for baseball like sports casters on tv, sports reporters, talking about the
importance of doing well in school. learning math and incorporate that into every because the likelihood although i hope he is. melissa: that is like a dream pressure you cannot play the ball the you could arrange sub bases and you will love it. >> she has a good plan. this is the advice i give all the time find something you love first if you love snowboarding chances are you will not be shaun white but you could get a job marketing a snowboard company that is in the right position you have something to fall back on. >> she's being very realistic. >> senate that is the formula you look at what it
is there wont to do and encourage them as much as possible but also give them options, back up for things they can also do to make them money while they pursued the dream. melissa: we are talking about this because at the m.i.t. lab a fellow can now with for ways to help your kid get a job. people are grappling with those that are living in the basement with a student at would day steer them clear of their passion. that is what will help you make money but in reality the top five industries are accounting, engineering, ret ail, financial services and consulting. >> but there is a difference between passion and a pipe dream then become a talent agent or the accountant that looks up valuations of sports teams there is a way
to cross index sinecure three-year-old is really interested and then there are so many things we can do to encourage that. there are other skills sets we can give our children. melissa: you touched on the big one because having then a child actor so many people think they will become an actor in having lived in that life. >> that is the point. of little girl named melissa that said i want to keep acting and one day become an anchor on them a major network. you follow that it is very difficult to accomplish that >> but i went to harvard and did something different because i thought it was a pipe dream. >> based on your
autobiography i don't think so. [laughter] >> don't go there. >> i decided wanted to be a journalist i never wavered but the reason to send your child after a passion is are we good at what we are good at it? >> i would have liked to be a rap star but to do something there? >> with another big piece of advice we should not talk to our kids as much but we should get them to talk to some sharp associates. they will listen far more.
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next push to cash in on legalization right now is half of the suit she owner. you put up an ad that it is like wind the perfect pair that you could be smoking instead of eating? >> wanda to present town in sheikh just trying to have fun with the fact it has been legalized in colorado and who knows where it will go. melissa: have people tried to cover in with their marijuana and try to lighten up and me disappointed and angry? >> not to purchase. [laughter] >> the labor very disappointed? >> we said you have to go to a legal selling establishment. melissa: has this backfired? is also accused of more confused and angry customers
we explain they have the of very good laugh and debt good time. melissa: we have if some of the sushi of there. >> here we would do purpled. melissa: how did you decide? >> we would just pick different brands that were sold in different stores. melissa: did you get a dark tale throw out the wall? >> a bunch of people in the room what do you think? melissa: you did not get stoned and eaten at the same time? >> wanda to present legal but i did not have to do that. melissa: what else? >> some of the brain, etc. out there we just would ask a lot of people.
melissa: are you the chef? >> may be the chef will pull low wall friar's he is smoking in the back coming up with this? >> we know our shops pretty well. when you were chasing sushi you don't want to be stoned to. [laughter] melissa: may be over time. what about the shrimp chips. >> we don't serve those i have never seen those before melissa: you have never seen those? >> i don't know. melissa: how has this worked out? will other people rip off your idea? >> it has been fun with great p.r. and our ad agency melissa: at an ad agency did this? i am impressed. think you for coming on.
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